Aitken Campbell, the Glasgow-based private client stockbroker, is to be shut down by its parent company TD Waterhouse after failing to gener...

Aitken Campbell, the Glasgow-based private client stockbroker, is to be shut down by its parent company TD Waterhouse after failing to generate enough cash for the firm. The company said yesterday that it was now in redundancy talks with its 25 brokers. Aitken’s can trace its origins back to the 1930s. A spokesman for TD Waterhouse told the Scottish financial press that Aitken's performance had slipped since the turn of the year, as it struggled to compete with both the heavyweight banks and the growing force of niche players. He added that the increased burden of European Union regulation was hurting the firm’s cost structure and a major cash injection from TD Waterhouse was not forthcoming. Aitken Campbell, headed by managing director Archie McSporran, had specialised in providing services for individual investors. TD Waterhouse and Charles Schwab bought Aitken Campbell in May 2001 for £85 million ($147.5 million), the Canadian firm later bought out Schwab’s 50 per cent share to become the sole owner.